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NEW DELHI: A surprise announcement of negative interest rate by the Bank of Japan and a surge in crude oil prices gave the domestic equity market a big lift on Friday, with the benchmark Sensex gaining 400 points in a spectacular rally.

The Sensex ended at 24,870.69, up 401.12 points or 1.64 per cent. The NSE's Nifty50 jumped 138.90 points, or 1.87 per cent, to scale the psychologically crucial mark of 7,500 and end the day at 7,563.55. The Sensex had closed at 24,469.57 and the Nifty 50 at 7,424.65 on Thursday. The gains in the Sensex pack were led by Coal India (up 4.73 per cent), Hero Moto Corp (up 4.67 per cent), Sun Pharma (up 4.60 per cent) and Hindustan Unilever (up 3.29 per cent) while SBI (down 2.91 per cent), Tata Steel (down 1.71 per cent), NTPC (down 1.49 per cent) and ICICI Bank (down 1.22 per cent) came under huge selling pressure and ended up as the biggest losers.

"On the upside, we have room till 7,575-7,580 levels. If one were to look at buying the index now, he should look at only possibly about 30-35 points from where the futures are. So, maybe, it would be a better idea to buy on dips near the 7,500 level. That is a trade I would recommend. As for Bank Nifty, I would probably want to leave it for Monday," said CK Narayan, Growth Avenues Asset Advisors.

A slew of third quarter results by Yes Bank, NTPC, PVR and Siemens also affected market sentiment. Yes Bank surged 10.89 per cent after the lender reported a better-than-expected 25 per cent increase in quarterly profit.

Shares of multiplex operator PVR ended 2.29 per cent up after it reported 5.29 per cent decline in consolidated net profit at Rs 29.88 crore. Shares Just Dial extended its recent slide, falling nearly 15.22 per cent after the company said its December quarter net profit declined 16 per cent YoY to Rs 26.99 crore.

Siemens surged 3.68 per cent after it reported a profit after tax of Rs 114 crore against Rs 106 crore for the December quarter. NTPC ended the day lower at 141.95, down 1.49 per cent, after reporting a profit after tax of Rs 2,490 crore, down 19 per cent from Rs 3,074 crore reported for the year-ago period.

The BSE midcap index gained about 2.02 per cent, or 206.18 points, led by Sriram Transport Finance and Praj Industries. The smallcap index rose 1.07 per cent, or 115.32 points, as Ram Madhav Corporation and Vividha witnessed buying.

On the sectoral landscape, energy stocks emerged clear winners, led by gains in Aegis Logistics and Selan Exploration Technology.

Earlier in the day, Asian shares jumped and the yen swooned. The Shanghai Composite Index rose 2.9 per cent, while the CSI300 index of the largest listed companies in Shanghai and Shenzhen added 3.2 per cent, bouncing from steep losses seen earlier in the week.

Japan's Nikkei whipsawed after the negative rate announcement by Bank of Japan before ending up 2.8 per cent, to mark a 3.3 per cent weekly gain.

In London, the FTSE 100 index, which had fallen around 1 per cent on Thursday, stood 1 per cent higher at 5,992.16, tracking similar gains on other European stock markets. Global benchmark Brent crude futures rose, and were on course for a second weekly gain, moving 6.5 per cent higher so far this week.